Risk Management, M & A, and Client Information

In the world of accounting, it is essential to be diligent about risk management and protecting client information on a daily basis. This is especially important during mergers and acquisitions, and when creating a succession plan and/or exit strategy. In this episode, Stephen Vono, a broker in professional liability insurance, shares his expertise on these topics and more. 

Stephen Vono is Senior Vice President of McGowanPro; formerly NAPLIA. Since 1996 he has focused on Professional Liability Insurance and Risk Management for accounting firms. His primary aim is to lower the exposure to litigation for accountants and CPA firms. Mr. Vono is active in several leading Accounting Associations and presents regularly at annual conferences on risk management topics. His articles on practice management for accounting firms have appeared in publications such as The Journal of Accountancy, and Accounting Today.

“We aim to be more than just a policy.”

What You'll Learn From This Episode:

  • How insurance brokers can protect accounting firms
  • Some of the risk management services provided by McGowanPro
  • Examples of some of the many questions that are asked about day-to-day operations of accounting firms and potential risks
  • Some of the steps insurance brokers take to proactively assist firms and individuals
  • Why it is essential to completely destroy old cheques and other information
  • Some of the ways in which client information can be at risk
  • The best way to be sure you are compliant with the laws in the environment in which you’re working
  • The two main reasons why accountants and firms lose client information
  • Why “the cloud” may present the least risk of exposure
  • Why you should insist that your clients do not email files to you
  • How M & A can increase your risk of exposure to liability and what you can do to minimize any problems
  • Why forming a succession plan or exit strategy should be done as quickly as possible
  • When it is essential to have a Tail Policy and why
  • How to handle the need to share client information and be certain that insurance covers any possible issues
  • What happens to partners regarding insurance and clients during mergers
  • How to access many helpful webinars on the McGowanPro site
  • Why it is important to ask your clients if they have foreign accounts or if they use crypto currency
  • How risk creates opportunity
  • Two “fun facts” about Steve

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